At Davos, Trump will face a less friendly brand of billionaire – but their dominance is waning | Larry Elliott

These high priests of globalisation are facing the fact that Trump's tariffs are part of a global shift to protectionism

Hollywood would struggle to come up with a better plot. On Monday, as Donald Trump returns to the White House, the World Economic Forum's (WEF) annual talk fest kicks off in Davos. The arch protectionist v the spiritual home of globalisation. The man who says tariff" is the most beautiful word in the dictionary" being sworn in for a second term just as the high priests of free trade assemble 5,000ft up in the Swiss Alps.

The Davos elite have a love-hate relationship with Trump: they despise him, but when he showed up at the WEF as president he was the hottest ticket in town. This year, the billionaires will have to make do with a video link appearance, but even from the other side of the Atlantic, Trump will dominate events. That's not surprising. Most of the WEF attenders have grown up believing that trade barriers should be torn down, not erected. As such, they see Trump's support for protectionism as a dangerous heresy.

Larry Elliott is a Guardian columnist